SCHEDULE 5Fees connected with alternative arrangements etc.
Interpretation1
In this Schedule “participating payment service provider” means a payment service provider that is a party to a switching service that is an alternative arrangement.
Application2
Any duty imposed upon a participating payment service provider by this Schedule only applies in connection with its participation in that switching service.
Fees connected with the alternative arrangement3
1
At the request of a consumer, a participating payment service provider must provide the consumer free of charge with details of any standing orders and direct debits applicable to the accounts that the consumer holds with it.
2
Any fee payable by the consumer applied by a participating payment service provider in respect of the termination of a framework contract for the payment account held with that participating payment service provider must be determined in accordance with F1regulation 51 (termination of framework contract) of the Payment Services Regulations.
3
Any fee charged to a consumer by a participating payment service provider for any service provided in connection with the switching of a payment account must be—
a
reasonable; and
b
no more than the actual costs to the participating payment service provider of providing the relevant service.
Financial loss for consumers4
1
Subject to paragraph (2), a participating payment service provider must ensure that any financial loss that the consumer incurs as a direct result of the non-compliance of the participating payment service provider with any requirement provided for in the alternative arrangement must reimburse the consumer the full extent of the loss without delay.
2
The duty to reimburse provided for in sub-paragraph (1) does not apply in the case of unavoidable losses arising as a result of—
a
abnormal and unforeseeable circumstances beyond the control of the participating payment service provider; or
b
the participating payment service provider’s compliance with any statutory obligation.
Information about the alternative arrangement5
1
A participating payment service provider must make available to consumers the following information about the alternative arrangement—
a
the roles played by participating payment service providers when switching payment accounts;
b
the time limits that apply for the completion of any tasks provided for in the alternative arrangement;
c
any fees that are to be be charged;
d
details of any information that the consumer is required to provide;
e
details of the consumer’s right to make a complaint to the Financial Ombudsman Service.
2
The information referred to in sub-paragraph (1) must be made available —
a
free of charge on paper or another durable medium at all premises of the participating payment service provider that are accessible to consumers; and
b
in electronic form on the participating payment service provider’s website at all times.